đ„đ„đ„ #CryptoPrice Today: #Bitcoinâs Fear and Greed Index Hits Extreme Low; Whatâs Next?
The likelihood of further crypto selloffs has increased after Bitcoin (BTC) closed below the key support level of $57,000 on Thursday. BTC has fallen over 4% this week, trading around $55,778 on Friday, September 6, during early Asian trading.
With continued bearish sentiment in the altcoin market, investors remain cautious, waiting for the correction to settle. Bitcoin's fear and greed index dropped to 22%, indicating extreme fear and potential capitulation.
Whale Traders Cautious of Short-Term Volatility
Whale demand for Bitcoin has significantly declined after a bearish close in August, signaling potential weakness in September. US spot Bitcoin ETFs have recorded seven straight days of cash outflows, with Thursday seeing $211 million withdrawn, primarily from Fidelityâs FBTC. However, #BlackRockâs IBIT ETF has not seen any recent outflows.
On-chain data shows some whales have moved their Bitcoin to exchanges, yet overall Bitcoin supply on centralized platforms continues to decline, suggesting long-term holders remain steady despite the correction.
$BTC Price Outlook
Veteran trader Peter Brandt suggests that Bitcoin is forming a macro megaphone pattern, which often precedes a bullish breakout, but #BEARISHđ sentiment currently outweighs buying pressure. Similarly, Bitmex co-founder Arthur Hayes predicts that BTC could drop below $50,000 before rebounding to new highs.
Despite expectations of an interest rate cut, Brandt believes Bitcoin could retest support around $46,000 in the near future.
Source - coinpedia.org
